The value of long-term loans to economic bodies increased by 78% during the fiscal year (FY) 2016/17, the Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed on Monday.
The CAPMAS stated in its annual report of financial statistics and indicators of economic bodies, that these long-term loans recorded EGP 363.9bn, up from EGP 204.5bn in FY 2015/16.
The energy sector obtained the largest part of these loans to finance establishment of new power plants and exploration projects.
The CAPMAS added that the total invested capital reached EGP 1427.7bn in FY 2016/17, up from EGP 1249.2bn in FY 2015/16, an increase of 14.3%.
“The value of fixed assets recorded an increase of 28.7% to EGP 341.8bn in FY 2016/17, compared to EGP 265.6bn in FY 2015/16,” CAPMAS stated.
The report explained that this increase was mainly directed to the transportation and storage activities, especially after the launch of several national road projects.
“The total revenues amounted to EGP 651.6bn in FY 2016/17, up from EGP 425.3bn in FY 2015/16, an increase of 53.2%,” CAPMAS stated.
This increase in revenues came mainly from the energy sector due to the rise in international oil prices and the pound flotation.